The Times claims that the former Stuttgart player would want around 170,000 pounds a week in wages and seek a four-year contract were he to move to the Emirates and reunite with former Real teammate Mesut Ozil.

Meanwhile, the Daily Telegraph reports that Khedira, who missed most of last season with a serious knee injury sustained last November -- but made an unexpected return to the Real side for their Champions League final victory over local rivals Atletico Madrid -- has missed 68 matches for the Spanish giants through injury since joining them in 2010.

Instead, Arsenal are said to have reportedly turned their attentions to Carvalho, a former transfer target for both Manchester clubs.

The Sporting youth product is five years Khedira's junior, and would cost the Gunners a fraction of the wages that Khedira would demand. The Sun reports that the Angola-born Portugal international currently earns just 5,000 pounds a week at Sporting, though he would be expected to cost a fee around the 24 million pounds that Khedira is valued at by Real.

Carvalho made his league debut for Sporting as a late substitute in 2011, but it was not until last season that he featured in Portugal's top division again following two loan spells at Belgian club Cercle Brugge.

Last term, Carvalho made 29 league starts as Sporting finished second in the league, scoring four goals, and he went on to feature in two of Portugal's three matches at the 2014 World Cup finals in Brazil.